Williams posts substantial 2014 losses

Williams Grand Prix Holdings has announced that it reported sizeable losses in 2014 - though is adamant that matters will improve this year.

Revenues fell from £130.4m to £90.2 between 2013 and 2014, which the team pins on a substantial one-off sponsorship payment in 2013, as well as the squad's lowly championship placing two years ago, when it was ninth.

The squad is confident that its subsequent restructuring process - which led to a third place finish last year - means that its annual loss of £34.3m will be rectified next year.

"The decision to invest in the team has been more than validated, with a third place finish in the 2014 Constructors' Championship, up from ninth in 2013," said chief executive officer Mike O'Driscoll.

"Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities.

"In 2014 we made very good progress against those objectives, investing significantly in people, facilities, and technology which we believe will provide a solid foundation for the future."